Kohl's Corporation announced that Chief Executive Officer Tom Kingsbury plans to step down from his role, effective January 15, 2025. Kingsbury will remain in an advisory capacity to the new CEO and retain his board position until his retirement in May 2025.
The Board of Directors has appointed Ashley Buchanan as the new CEO, also effective January 15, 2025. Buchanan previously served as CEO of Michaels Companies since 2020 and held senior executive roles at Walmart and Sam's Club for 13 years.
Michael Bender, Board Chair, expressed gratitude for Kingsbury's leadership during the company's transformation efforts. He highlighted Buchanan's extensive retail experience in operations, merchandising, and e-commerce, noting his track record of improving profitability and cash flow at Michaels.
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